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Markets trade deep in red; all eyes on IIP data
Oct-28-2026

Indian equity benchmarks made gap-down opening on Wednesday amid elevated crude oil prices and geopolitical tensions in the Middle East. WTI crude futures jumped above $101 per barrel, while Brent crude futures rose above $115 per barrel after Iran-backed Houthis claimed a missile attack on Saudi Arabia’s largest oil refinery, raising concerns about oil supplies from the region. Caution also prevailed ahead of the US Federal Reserve’s policy decision.

The Sensex and Nifty were trading deep in the red in early deals, with the Sensex underperforming the Nifty. The Sensex fell 0.81%, while the Nifty traded 0.63% lower. Selling pressure in the IT, Teck and Oil & Gas sectors weighed on market sentiment. Traders also avoided risky bets ahead of the release of India’s overall industrial production data, measured by the Index of Industrial Production (IIP), later in the day.

On global front, Asian markets were trading mostly higher on optimism over artificial intelligence ahead of earnings from Microsoft, Amazon, Intel and other major tech companies and the Federal Reserve’s interest-rate decision.

The BSE Sensex is currently trading at 73006.17, down by 592.50 points or 0.81% after trading in a range of 72772.48 and 73316.46. There were 3 stocks advancing against 27 stocks declining on the index.

The top gaining sectoral indices on the BSE were Industrials up by 1.19%, Auto up by 0.84%, Capital Goods up by 0.36%, Power up by 0.13% and Consumer Discretionary up by 0.05%, while IT down by 2.88%, TECK down by 2.47%, Oil & Gas down by 1.28%, FMCG down by 1.27% and Energy down by 1.08% were the top losing indices on BSE.

The few gainers on the Sensex were Larsen & Toubro up by 4.83%, State Bank of India up by 0.63% and Trent up by 0.24%. On the flip side, Infosys down by 4.38%, TCS down by 3.19%, Tech Mahindra down by 2.96%, HCL Technologies down by 2.86% and ITC down by 2.33% were the top losers.

Meanwhile, regarding India-China trade relations, Commerce and Industry Minister Piyush Goyal has said that India is open to Chinese suppliers meeting its growing import needs, even as it will take action through established legal processes against any unfair pricing. He expressed hope that India would become a major exporter to China and the ASEAN region in the coming years. He added that India was open to promoting free and fair trade with every country.

He said, “They (China) are also providing us with important intermediate goods and raw materials. If, in any particular product, we find that fair play or pricing is not proper, there is an established judicial process to address it. Other than that, we believe in the rules of fair play and open trade.” Regarding China's new export controls on key machinery, including tunnel boring machines, the minister said 'We will work on it'. The restrictions on exports of tunnel boring machines (TBMs) and related items could affect several Indian projects, including underground metro systems, high-speed rail lines and tunnels in various locations, including border areas.

The members of the Association of Southeast Asian Nations (ASEAN) are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. According to the latest data released by the Commerce Ministry, India’s bilateral trade with China rose by about 29% to $91.76 billion during April-September of the current fiscal year, making China India’s largest trading partner in the first half of 2026-27. The two-way trade stood at $71.24 billion during April-September 2025-26.

The CNX Nifty is currently trading at 22606.55, down by 143.20 points or 0.63% after trading in a range of 22540.70 and 22691.50. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 4.39%, Bajaj Auto up by 2.03%, Apollo Hospital up by 1.21%, Maruti Suzuki India up by 0.97% and SBI Life Insurance up by 0.77%. On the flip side, Infosys down by 4.42%, Tech Mahindra down by 3.54%, TCS down by 2.90%, HCL Technologies down by 2.78% and ONGC down by 2.34% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 806.63 points or 1.27% to 64,075.00, Taiwan Weighted jumped 728.38 points or 1.58% to 46,824.61, KOSPI soared 361.79 points or 6.42% to 6,000.13, Hang Seng rose 69.68 points or 0.30% to 23,111.00, Shanghai Composite strengthened 26.14 points or 0.72% to 3,674.44 and Straits Times added 20.61 points or 0.38% to 5,404.37, while Jakarta Composite fell 72.69 points or 1.38% to 5,193.44.
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